Hacienda preparing new fiscal reform package

Finance Secretary Agustín Carstens announced that the government will present a new fiscal reform as part of the 2010 budget package. “Yes, we are thinking of the need to increase tax revenues through a tax reform. The specific measures have not yet been determined, and will be presented with the new package [in September],” he said as he announced a new round of modest spending cuts to bridge the gap created by this year’s decline in tax and oil revenues. Carstens said that this year’s gap was mostly being filled by tapping contingency funds, the oil price hedge, and other measures, but that these will not be available next year. (Universal 7/24, Reforma 7/24)